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The current moves of the pound sterling against its Japanese counterpart are witnessing a slight bearish tendency, as a result of a collision with the resistance level 142.30 represented by the second target of the previous analysis.
On the technical side, we are biased to the negativity relying on the clear negative crossover signals on the stochastic indicator, in addition to RSI losing the bullish momentum on short time frames.
We are targeting a re-test of 140.90, the first target that may extend later towards 140.30. The bearish intraday scenario depends on trading remaining below 142.20, and its breach will lead the pair to complete the bullish path with an initial target of 142.80.
| S1: 140.90 | R1: 142.20 |
| S2: 140.30 | R2: 142.85 |
| S3: 139.65 | R3: 143.40 |
